ExlService Holdings Beneish M-Score Historical Data
The historical data trend for ExlService Holdings's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
ExlService Holdings Beneish M-Score Chart
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ExlService Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.93 |
-3.08 |
-2.51 |
-2.24 |
-2.39 |
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ExlService Holdings Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.38 |
-2.24 |
-2.34 |
-2.39 |
-2.40 |
Competitive Comparison of ExlService Holdings's Beneish M-Score
For the Information Technology Services subindustry, ExlService Holdings's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
ExlService Holdings's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, ExlService Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ExlService Holdings's Beneish M-Score falls into.
ExlService Holdings Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of ExlService Holdings for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 1.0567 | + | 0.528 * 0.9808 | + | 0.404 * 0.9142 | + | 0.892 * 1.0839 | + | 0.115 * 1.2285 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0576 | + | 4.679 * 0.002472 | - | 0.327 * 1.1235 |
| = | -2.41 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was €328 Mil.
Revenue was 401.586 + 379.691 + 385.08 + 373.811 = €1,540 Mil.
Gross Profit was 150.036 + 139.244 + 145.206 + 140.089 = €575 Mil.
Total Current Assets was €612 Mil.
Total Assets was €1,324 Mil.
Property, Plant and Equipment(Net PPE) was €155 Mil.
Depreciation, Depletion and Amortization(DDA) was €64 Mil.
Selling, General, & Admin. Expense(SGA) was €306 Mil.
Total Current Liabilities was €241 Mil.
Long-Term Debt & Capital Lease Obligation was €313 Mil.
Net Income was 44.862 + 36.94 + 41.112 + 45.29 = €168 Mil.
Non Operating Income was 1.865 + 2.189 + -0.861 + 1.229 = €4 Mil.
Cash Flow from Operations was -20.123 + 72.478 + 64.279 + 43.874 = €161 Mil.
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Total Receivables was €287 Mil.
Revenue was 374.201 + 353.72 + 364.965 + 328.056 = €1,421 Mil.
Gross Profit was 139.329 + 129.605 + 132.198 + 118.794 = €520 Mil.
Total Current Assets was €529 Mil.
Total Assets was €1,222 Mil.
Property, Plant and Equipment(Net PPE) was €130 Mil.
Depreciation, Depletion and Amortization(DDA) was €74 Mil.
Selling, General, & Admin. Expense(SGA) was €267 Mil.
Total Current Liabilities was €262 Mil.
Long-Term Debt & Capital Lease Obligation was €192 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (328.368 / 1540.168) | / | (286.688 / 1420.942) |
| = | 0.213203 | / | 0.201759 |
| | = | 1.0567 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (519.926 / 1420.942) | / | (574.575 / 1540.168) |
| = | 0.365902 | / | 0.37306 |
| | = | 0.9808 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (611.54 + 154.947) / 1324.24) | / | (1 - (528.856 + 130.231) / 1222.205) |
| = | 0.421187 | / | 0.460739 |
| | = | 0.9142 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 1540.168 | / | 1420.942 |
| | = | 1.0839 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
| DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
| = | (73.503 / (73.503 + 130.231)) | / | (64.423 / (64.423 + 154.947)) |
| = | 0.360779 | / | 0.293673 |
| | = | 1.2285 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (306.355 / 1540.168) | / | (267.246 / 1420.942) |
| = | 0.19891 | / | 0.188077 |
| | = | 1.0576 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((312.686 + 240.526) / 1324.24) | / | ((192.082 + 262.364) / 1222.205) |
| = | 0.417758 | / | 0.371825 |
| | = | 1.1235 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (168.204 - 4.422 | - | 160.508) | / | 1324.24 |
| | = | 0.002472 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
ExlService Holdings has a M-score of -2.41 suggests that the company is unlikely to be a manipulator.
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